Word: tax-exempt
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...Tax-exempt institutions like Harvard are privy to some special options when it comes to investing their money. But in light of recent discussions in the Senate, these options may soon become quite taxing. Staff members of the Senate Finance Committee met privately with experts on Monday to discuss how universities—specifically Harvard, Yale, and Stanford—avoid paying taxes on money that is invested in offshore hedge funds, according to an article in Bloomberg News. Depending on the conclusions reached, Harvard and other universities may have to change the way they invest their endowments...
Sarkozy, by contrast, proposes sweeping reforms, such as making every working hour after 35 tax-exempt, reducing income taxes by as much as 10 percent, and, through drastic spending reductions, reducing the national debt from 66 to 60 percent of GDP. In a reversal of roles that an American would find baffling, the so-called “right-wing” Sarkozy proposes to introduce desperately needed affirmative action programs to France (hitherto unknown in this welfare state) while the “socialist” Royal vigorously opposes them. Sarkozy’s opponents claim that his platform...
...University officials have defended their real estate practices in the past by stating that Harvard is a private entity without a legal obligation to disclose its activities. But Schifferes said that tax-exempt institutions are still accountable to their host communities...
Consider KPMG. From 1997 to 2001, the firm sold four types of shelters that helped clients avoid taxes by doing things like putting income temporarily in a tax-exempt entity. The transactions were so complex, it was hard to see a purpose other than skirting taxes. Although the IRS ruled them potentially improper in 2000, experts disagreed about their legality...
...ANSWERED YES, yes and yes, it's time to get going. To learn the basics of incorporating as a tax-exempt organization, drafting a business plan, raising funds and building a board of directors, go to nonprofitlaw.com and managementhelp.org To research existing nonprofits, start at guidestar.org and to find organizations that make donations, try foundationcenter.org...